Bank of India Slashes Home & Vehicle Loan Interest Rates: Details Inside

Bank of India (BOI) yesterday announced "BOI Festive Offer" which includes a considerable reduction in interest rates on vehicle and home loans. The bank has announced a 35 basis point reduction in interest rates on home loans and a 50 basis point reduction in interest rates on vehicle loans. The lender has said via its Twitter handle it has reduced 50 bps ROI on Star Vehicle Loan. Now available at ROI starting from 6.85% p.a.EMI starting at Rs 1502/- per lakh and NIL processing fees.

The bank has also Tweeted "Substantial Reduction in ROI on our Star Home Loan!
BOI reduces 35 bps ROI on Home Loan. Now available at ROI starting from 6.50% p.a.EMI starting at Rs 632/- per lakh and NIL processing fees. Offer valid till 31.12.2021*T&C Apply."

According to the announcement of the bank, the earlier rates were 6.85 percent and 7.35 percent, respectively and the new festive deal on loans is valid from today i.e. 18th October 2021 to 31st December 2021. Customers who are applying for a new loan or loan transfer will be eligible for the deal.

In order to apply for the required loan scheme, customers can give a missed call on 8010968305 or they can also send an SMS by typing and sending it to 7669300024 for Home Loan or SMS to 7669300024 for a vehicle Loan. They can also visit https://retailonline.bankofindia.co.in/lendperfect/landing and click on "Apply for Loan" to submit their loan application online.

According to the bank's website, the interest rate for Star Home loan/Star Smart home loan & Star Diamond home loan would be based on CIBIL personal score. Salaried workers, professionals, self-employed individuals, NRIs, PIOs, HUF, and Prop. Firm, Partnership firms, and corporates are eligible for the BOI Star Home Loan scheme, whereas salaried employees, professionals, self-employed Non-Resident Indians are eligible for the BOI Star Vehicle Loan strategy. Companies, Partnership Firms, Proprietary Companies, and Other Corporate Entities HUFs are excluded from the bank's vehicle loan scheme.